Ifg Events Podcast

The Treasury is perhaps the most powerful department in Whitehall. Its ownership of public spending means it has direct control over the money available to the rest of government, while the Treasury’s responsibility for tax policy gives it enormous influence over the finances of households and businesses. But criticism of the department’s influence on government policy is almost as old as the institution itself, with frequent complaints about the “dead hand of the Treasury” or attacks on the department’s “orthodoxy”. However, a recent IfG report found many of the fiercest criticisms to be overblown: many simply represent a dislike of a budget constraint. The department plays an important function in effectively managing public spending and guarding against financial disorder. It has also consistently been a champion of economic growth, though there is debate about how that is managed against its responsibility for managing government spending. While the department has clear strengths, there are clearly prob